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Today is my last day as CBO Director; tomorrow, my successor will begin his term. It has been an extraordinary privilege to lead CBO for the past six years and to have the opportunity to work with my amazing colleagues.

CBO requires that members of its panels of advisers and people being considered for the panels disclose any substantial political activity in which they may be involved and any significant financial interests they may have.

This report summarizes CBO’s estimates of the budgetary effects of laws enacted in the 113th Congress that will affect mandatory spending or revenues. Those laws were enacted in calendar years 2013 and 2014.

Under budgetary paths, but not particular policies, specified by Chairman Enzi, total deficits and debt would be smaller than under CBO’s baseline. Economic output would be lower in the next few years but higher thereafter.

CBO estimates that, all told, the TARP’s transactions will cost the federal government $28 billion. That estimate accounts for the realized costs of completed transactions and the estimated costs of outstanding and anticipated transactions.

The Chairmen of the House and Senate Budget Committees have announced that the committees will be developing and voting on proposed budget resolutions this week. What are budget resolutions, and what is CBO’s role in this process?

Under budgetary paths, but not particular policies, specified by Chairman Price, total deficits and debt would be smaller than under CBO’s extended baseline. Economic output would be lower in the next few years but higher thereafter.

The Navy can sustain its forward presence under smaller shipbuilding budgets by using longer deployments, more overseas basing, and more rotating crews. But those methods would offset some of the savings and have other disadvantages.